Asset Finance


Consumer Finance


Motor Finance


Consumer finance up 10% in March

8 May 2015

New figures released today by the Finance & Leasing Association (FLA) shows growth of 10% in consumer finance new business in March, and 5% in Q1 2015 overall.

Retail store and online credit was up by 5% in March, while personal loans and credit card new business together grew by 4% over the same period.

The second charge mortgage market reported new business up 33% by value and 7% by volume in March – its highest level since Q4 2008.

Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:

“The strength of the consumer finance market in March reflects the general improvement in consumer confidence, and particularly with regard to making major household purchases.”                                                                  

Table 1: New consumer credit lending

Mar 2015

% change on prev. year

3 months to Mar 2015

% change on prev. year

12 months to Mar 2015

% change on prev. year

Total FLA consumer finance (£m)

8,202

+10

19,104

+5

74,793

+6

 

Data extracts:

Retail store and online credit (£m)

531

+5

1,472

+1

6,417

+5

Credit cards & personal loans (£m)

3,383

+4

9,398

0

38,720

+1

Second charge mortgages (£m)

68

+33

173

+22

628

+24

Car finance (£m)

3,845

+15

7,194

+11

25,425

+15

 

Note to editors:

  1. FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.
  1. In 2014, FLA members provided £100 billion of new finance to UK businesses and households. £74 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK last year.